Effect of Equity Checks and Balances on Corporate Social Responsibility: The Mediation and Moderator Roles of Green Innovation Performance and Environmental Uncertainty
Description
In order to explore the interaction between internal factors of corporate governance, this study combined with principal-agent theory and stakeholder theory, using a sample of Chinese A-share listed companies on Shanghai and Shenzhen stock exchanges from 2012 to 2019, constructs a regulated mediation effect model, empirically examines the impact of equity checks and balances on corporate social responsibility and the mediation and mediator roles of green innovation performance and environmental uncertainty. The results show that: (1) Equity checks and balances among shareholders have a significant positive impact on corporate social responsibility; (2) Equity checks and balances have a positive impact on green innovation performance, green innovation performance has a positive impact on corporate social responsibility, and green innovation performance plays a partial mediation effect between equity checks and balances and corporate social responsibility; (3) Additionally, environmental uncertainty not only moderates the relationship between Green Innovation Performance and CSR, but also moderates the direct effect between equity balance and CSR, which verifies the existence of a moderated mediation effect. The effect of the robustness test is significant. These results can be used as a reference for corporate governance, improving innovation performance, and fulfilling CSR.
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Prior to the study, we selected and screened the data. First, we used data on Chinese A-share listed companies on Shanghai and Shenzhen stock exchanges from 2012 to 2019. Second, we excluded the financial and insurance industries as well as data with missing data years and incomplete disclosure. Finally, we eliminated the company data with ST, * ST, and PT marks, and finally obtained the complete data of 500 A-shares listed companies on Shanghai and Shenzhen stock markets, with a total of 4000 groups of complete data. Stata16 was used to process and analyze the data. The data sources of this study were as follows: the data of equity checks and balances, environmental uncertainty, and control variables were obtained from the China Stock Market & Accounting Research Database (CSMAR) and enterprise announcements, the CSR data were obtained from the CSR score disclosed by Rankins CSR Ratings (RKS), and green innovation performance data were obtained from the World Intellectual Property Organization (WIPO). To reduce the influence of outliers on other variables and research results, the data were curtailed in the 1% and 99% quantiles.